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随着中国资产证券化的试点开始,信用风险转移产品已进入中国银行业,信用衍生品可能也不再遥远。2005年5月,时任美联储主席的艾伦·格林斯潘在联邦储备银行芝加哥第四十一届银行结构年会上对信贷衍生品的风险转移等问题作了发言。格林斯潘认为,作为一项有效的风险转移工具,银行通过发展信贷衍生品转移了自身风险,但同时,信贷风险转移也增加了风险评估的难度。不论怎样,为了使这种有利于各方的交易能够继续扩大,市场参与者与政策制定者都应留意由于在使用衍生品时向银行系统外转移风险而引发的对风险管理的挑战,并采取相应措施,积极应对这些挑战。本刊摘编部分段落,以飨读者。
With the pilot of asset securitization in China starting, credit risk transfer products have entered the Chinese banking industry, and credit derivatives may not be far away. In May 2005, Alan Greenspan, then the chairman of the Federal Reserve, spoke on the risk transfer of credit derivatives at the Federal Reserve’s 41st Annual Bank Structure in Chicago. Greenspan argues that as an effective risk transfer tool, banks transfer their own risk through the development of credit derivatives, but at the same time, the transfer of credit risk also increases the difficulty of risk assessment. In any event, in order for such a pro-cross-border transaction to continue to expand, market participants and policymakers should be mindful of the risk management challenges arising from the transfer of risks outside the banking system when using derivatives and take Corresponding measures to actively respond to these challenges. The magazine excerpts some of the paragraphs to readers.